Gold futures rose nearly $30, breaking through the $1,740 level today. While investors are buying gold as a safe haven asset. Amid concerns about a recession in the US
Gold futures rose nearly $30, breaking through the $1,740 level today. While investors are buying gold as a safe haven asset. Amid concerns about a recession in the US
Gold prices were also boosted as investors eased concerns about the Federal Reserve’s interest rate hike after Fed Chairman Jerome Powell signaled that the Fed would lower its strength. interest rate hikes in the coming months
At 7:55 p.m. Thai time, the Comex market gold contract Delivered in Aug. It rebounded $27.0, or 1.57%, to $1,746.10 an ounce.
The Commerce Department released its first estimate for second-quarter gross domestic product (GDP) today, saying the U.S. economy contracted 0.9%, after previously reporting a 1.6% contraction of GDP in the quarter. 1
The economy contracted for 2 consecutive quarters. Put the US into a “technical” recession, meeting the definition of a recession.
Previously, analysts from various bureaus had forecast GDP numbers. different JPMorgan expects the US economy to grow 1.4% in the second quarter, while Goldman Zact expects growth of 1%, but Moody’s Analytics expects the economy to contract 1%.
The Federal Reserve Bank of Atlanta said its latest GDPNow forecast model shows that The US economy contracted 1.2% in the second quarter.
However, at a press conference after the Fed’s monetary policy meeting yesterday, Fed Chairman Jerome Powell insisted he did not think the US economy was entering a recession. Because many sectors in the economy are still strong. This includes the labor market.
In the past, the US National Bureau of Economic Research (NBER) has been the deciding body on the growth or recession of the US economy. It will consider many factors, including employment, consumption, industrial production. and personal income Before making an official announcement
